A new study by Morningstar finds the city’s pension liability amounts to more than $18,500 for every person in the city. That’s twice as bad as the next most debt-ridden city, New York.
Articles like this neglect to emphasize how much other pension liability Chicagoans face from the CTA, teachers’ pension, Water Reclamation, etc. Add that all in, as we wrote here earlier, and it’s more like $38,000 per person or $98,000 per household! And since most Chicagoans are too hard up to pay anything towards that, the true bill for those with any means is astronomical.